Trade, defense spending buoy U.S. third-quarter growth

Posted on the October 30th, 2014 under Business News by admin

Thanksgiving Day holiday shopper carries a discounted television to the checkout at the Target retail store in ChicagoBy Lucia Mutikani WASHINGTON (Reuters) – A smaller trade deficit and a surge in defense spending buoyed U.S. economic growth in the third quarter, but other details of Thursday's report hinted at some loss of momentum in activity. Gross domestic product grew at a 3.5 percent annual rate, the Commerce Department said on Thursday, beating economists' expectations for a 3.0 percent pace. While the pace of growth in business investment, housing and consumer spending slowed from the second quarter, all those categories contributed to growth. …



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